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Getbig Main Boards => Politics and Political Issues Board => Topic started by: 240 is Back on January 17, 2015, 07:57:41 PM
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Obama To Propose Tax Hikes On Wealthy, Breaks For Middle Class
During his State of the Union address on Tuesday, President Barack Obama will lay out a plan to extend tax credits to the middle class by hiking taxes on wealthier Americans and big banks, according to senior administration officials.
Under the plan, the capital gains tax would be raised from its current level of 15 percent up to 28 percent for couples with incomes over $500,000 a year. The plan would also strip a tax break, known as a "step-up," that allows heirs to avoid capital gains taxes on large inheritances.
In addition, the plan would institute a new tax on the biggest financial institutions, basing the fee on liabilities in order to discourage risky borrowing. The administration says the fee would hit the roughly 100 banks that have assets of $50 billion or more.
The president's plan would use revenues from those tax code changes to finance credits aimed at the middle class, officials said. That includes extending the earned income tax credits to families without children, which would benefit an estimated 13 million low-income workers, while also tripling the maximum tax credits for child care in low- and middle-income homes.
"This proposal is probably the most impactful way we can address the manifest unfairness in our tax system," an administration official said.
The tax hikes on capital gains would run into heavy opposition from Republicans in the GOP-controlled Congress. Other elements of the president's plan, however, have enjoyed some degree of bipartisan support. House Ways and Means Committee Chairman Dave Camp (R-Mich.) has proposed a similar tax on big banks, and many Republicans favor the idea of broadening the earned income tax credit.
According to officials, the capital gains tax reforms would impact "almost exclusively" the top 1 percent of earners, carving out the majority of middle-income families from the hikes.
More: http://www.huffingtonpost.com/2015/01/17/obama-sotu-taxes_n_6493144.html
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Wow, shocking. He wants to tax the evil rich people more.
He talks about giving the middle class "breaks" but his policies and tax increases are exterminating the middle class. Wait until people see how many taxes are going up soon. The middle class is gonna get hit hard. Don't believe the hype. Tax and spend, tax and spend.
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Wow, shocking. He wants to tax the evil rich people more.
He talks about giving the middle class "breaks" but his policies and tax increases are exterminating the middle class. Wait until people see how many taxes are going up soon. The middle class is gonna get hit hard. Don't believe the hype. Tax and spend, tax and spend.
No facts.
FOX news approved.
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No facts.
FOX news approved.
No facts? I suppose you haven't heard about his plans to increase the capitol gains tax....among others.
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No facts.
FOX news approved.
Wait...you're a math major aren't ya?